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Tata Motors announces sales figures
Jan 02,2017

Tata Motors passenger and commercial vehicles total sales in December 2016 were at 40,944 units, recording 2% growth over 39,973 units sold in December 2015.

Domestic sales of passenger and commercial vehicles stood at 35,825 units in December 2016, a growth of 1% over December 2015.

Cumulative sales (including exports) of the Company for the fiscal were at 391,493 units, higher by 7% over 364,939 units sold last year.

In domestic market, passenger vehicle sales grew 35% to 10,827 units in December 2016 over December 2015 while commercial vehicle sales declined 9% to 24,998 units in December 2016 over December 2015.

The Company sales from exports was at 5119 units in December 2016, a growth of 12% compared to 4557 units in December 2015. The cumulative sales from exports for the fiscal was at 48,547 units, higher by 19% over 40,900 units, sold last year.

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RBL Bank allots equity shares
Jan 02,2017

RBL Bank has allotted 300,451 (Three Lac Four Hundred & Fifty One) equity shares of face value Rs. 10 each on 30 December 2016 under the ESOP Schemes of the Bank.

Consequent to the above allotment, the paid up share capital of the Bank has increased from 372,834,542 equity shares of Rs. 10 each aggregating Rs. 3,728,345,420 to 373,134,993 equity shares of Rs. 10 each aggregating Rs 3,731,349,930.

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BSL gets reaffirmation in credit ratings
Jan 02,2017

BSL announced that Brickwork Ratings India has reaffirmed credit rating of the Company for Long Term Loans - BWR BBB+ (pronounced as BWR Triple B Plus) and for Short Term Loans - BWR A3+ (pronounced as BWR A Three Plus). The outlook on the long term rating is Stable.

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Oriental Bank of Commerce revises MCLR rates
Jan 02,2017

Oriental Bank of Commerce has revised MCLR rates with effect from 03 January 2017.

Overnight - 8.40%
One month - 8.45%
Three month - 8.50%
Six month - 8.55%
One year - 8.60%

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IndusInd Bank allots equity shares
Jan 02,2017

IndusInd Bank has allotted 2,78,600 (Two Lakhs Seventy Eight Thousand Six Hundred) equity shares of Rs. 10/- (Rupees Ten Only) each on 02 January 2017 to those grantees who had exercised their option under the Companys Employee Stock Option Scheme.

The said shares will rank pari-passu with the existing shares of the Company in all respect.

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Board of NHPC to consider interim dividend for FY 2017
Jan 02,2017

NHPC announced that the Board of Directors of the Company may propose and consider interim dividend on the equity share capital of the Company for the FY 2016-17 in its meeting scheduled to be held on 12 January 2017.

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NHPC fixes record date for interim dividend
Jan 02,2017

NHPC has fixed 20 January 2017 as the Record Date for the purpose of Payment of Interim Dividend, if declared.

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Escorts announces tractors sales figures
Jan 02,2017

Escorts Agri Machinery Segment in December 2016 sold 3187 tractors, recording a growth of 15.8% compared to 2751 tractors in December 2015.

Domestic tractor sales rose 11.6% to 3043 tractors in December 2016 compared to 2727 tractors in December 2015. Exports for the month of December 2016 rose 500% at 144 tractors against 24 tractors in December 2015.

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Mahindra & Mahindra announces auto sales
Jan 02,2017

Mahindra & Mahindra announced its auto sales performance for December 2016 which stood at 36,363 vehicles compared to 37,915 vehicles during December 2015.

The Passenger Vehicles segment (which includes UVs, Cars and Vans) sold 16,698 vehicles in December 2016 as against 18,197 vehicles during December 2015. The companys domestic sales stood at 34,310 vehicles during December 2016, as against 34,839 vehicles during December 2015.

Exports for December 2016 stood at 2,053 vehicles.

For the nine months period ending December 31, 2016, the company sold 3,68,577 vehicles, against 3,53,589 vehicles for the same period last year, representing a growth of 4%.

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Nitin Alloys Global renamed as Nitin Castings
Jan 02,2017

Nitin Alloys Global announced that pursuant to the scheme of arrangement for demerger of the castings business of Nitin Castings into Nitin Alloys Global, the name of the Company has been changed to Nitin Castings. The revised certificate of incorporation indicating the change of name of the Company has been received on 30 December 2016.

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Restaurants billing service charges in addition to taxes is optional: Department of Consumer Affairs
Jan 02,2017

A number of complaints from consumers have been received that hotels and restaurants are following the practice of charging service charge in the range of 5-20%, in lieu of tips, which a consumer is forced to pay irrespective of the kind of service provided to him. The Consumer Protection Act, 1986 provides that a trade practice which, for the purpose of promoting the sale, use or the supply of any goods or for the provision of any service, adopts any unfair method or deceptive practice, is to be treated as an unfair trade practice and that a consumer can make a complaint to the appropriate consumer forum established under the Act against such unfair trade practices. In this context, the department of Consumer Affairs, Central Government has called for clarification from the Hotel Association of India, which have replied that the service charge is completely discretionary and should a customer be dissatisfied with the dining experience he/she can have it waived off. Therefore, it is deemed to be accepted voluntarily.

The Department of Consumer Affairs has asked the State Governments to sensitize the companies, hotels and restaurants in the states regarding aforementioned provisions of the Consumer Protection Act, 1986 and also to advise the Hotels/Restaurants to disseminate information through display at the appropriate place in the hotels/restaurants that the service charges are discretionary/ voluntary and a consumer dissatisfied with the services can have it waived off.

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Auto stocks accelerate as banks slash lending rates
Jan 02,2017

Escorts (up 7.76%), Tata Motors (up 3.55%), TVS Motor Company (up 1.25%) and Ashok Leyland (up 1%) edged higher. Hero MotoCorp (down 0.5%) edged lower.

Meanwhile, the S&P BSE Sensex was down 36.53 points or 0.14% at 26,589.93. The BSE Auto index rose 1.96%, outperforming the Sensex.

Key public sector banks viz. State Bank of India, Punjab National Bank and Kotak Mahindra Bank among others have slashed their marginal cost of funds based lending rates (MCLR) with effect from 1 January 2017.

Purchases of automobiles, including that of cars, utility vehicles and commercial vehicles are substantially driven by financing.

The S&P BSE Auto index had outperformed the market over the past one month till 30 December 2016, advancing 0.56% compared with the Sensexs 0.1% fall. The index had, however, underperformed the market over the past one quarter declining 8.88% as against the Sensexs 4.45% fall.

Maruti Suzuki India rose 2.52%. The company said its total sales fell 1% to 1.17 lakh units in December 2016 over December 2015. The company announced the monthly sales volume yesterday, 1 January 2017.

Bajaj Auto fell 1.43% after the company announced that total sales fell 22% to 2.25 lakh units in December 2016 over December 2015. The company announced the monthly sales volume data for December during market hours today, 2 January 2017.

Eicher Motors rose 3.15% after the company said its total motorcyles sales surged 42% to 57,398 units in December 2016 over December 2015. The company announced the monthly sales volume yesterday, 1 January 2017.

Separately, Eicher Motors announced yesterday, 1 January 2017 that sale volume of VE Commercial Vehicles, an unlisted subsidiary of Eicher Motors fell 20.04% to 4,048 units in December 2016 over December 2015.

Mahindra & Mahindra (M&M) rose 3.66% after the company said its total tractor sales rose 9% to 14,047 units in December 2016 over December 2015. The company announced the monthly sales volume during market hours today, 2 January 2017. The companys total auto sales declined 4% to 36,363 units in December 2016 over December 2015.

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Realty stocks spurt after banks announce steep cut in MCLRs
Jan 02,2017

Meanwhile, the S&P BSE Sensex was up 11.86 points or 0.04% at 26,638.32.

DLF (up 8.04%), D B Realty (up 4.95%), Sobha (up 2.39%), Indiabulls Real Estate (up 6.45%), Unitech (up 6.45%), NBCC (up 5.29%), Godrej Properties (up 3.07%), Housing Development & Infrastructure (HDIL) (up 4.18%), and Oberoi Realty (up 5.21%) edged higher.

The BSE Realty index had underperformed the market over the past one month till 30 December 2016, sliding 1.39% compared with 0.1% drop in the Sensex. The index had also underperformed the market in past one quarter, dropping 16.42% as against Sensexs 4.45% fall.

Meanwhile, Kotak Mahindra Bank said it has reduced the marginal cost of funds based lending rate by up to 45 basis points for various tenors with effect from 1 January 2017. State Bank of India announced slashing of its marginal cost of lending rate by 90 basis points across all maturities. Punjab National Bank announced that it has reduced marginal cost of funds based lending rate by 70 basis points across various maturities with effect from 1 January 2017.

The one-year benchmark is used for pricing home and car loans. Loans are provided to borrowers at 35 basis points over the MCLR. The cut in MCLR would revive demand for properties. Purchases of both residential and commercial property are largely driven by finance.

Meanwhile, Prime Minister Narendra Modi on the eve of New Year on 31 December 2016, announced that two new middle income categories have been created under the Pradhan Mantri Awaas Yojana in urban areas. Loans of up to Rs 9 lakh taken in 2017, will receive interest subvention of 4%. Loans of up to Rs 12 lakh taken in 2017, will receive interest subvention of 3%. The number of houses being built for the poor, under the Pradhan Mantri Awaas Yojana in rural areas, is being increased by 33%.

In addition to this, another scheme is being put in place for the neo middle and middle class in rural areas. Loans of up to Rs 2 lakh taken in 2017, for new housing, or extension of housing in rural areas, will receive an interest subvention of 3%.

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L&T Hydrocarbons led consortium bags two contracts from Saudi Aramco
Jan 02,2017

L&T Hydrocarbons, a fully owned subsidiary of Larsen & Toubro, in consortium with EMAS CHIYODA Subsea, has announced the conclusion of two awards involving Engineering, Procurement, Construction and Installation contracts from Saudi Arabian oil giant and biggest oil company in world, Saudi Aramco. The contract is awarded to supply and install four wellhead decks in the Safaniya field and another award to upgrade on 17 platforms in various offshore fields in the Arabian Sea off the coast of Saudi Arabia.

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Kotak Mahindra Bank revises MCLR rates
Jan 02,2017

Kotak Mahindra Bank has revised the Marginal Cost based Lending Rate - (K-MCLR) downwards by up to 45 bps with effect from 01 January 2016 across various tenures -

Overnight - 8.20%
One month - 8.25%
Two month - 8.40%
Six month - 8.65%
One year - 9.00%
Two year - 9.00%
Three year - 9.00%.

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